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The Internal Revenue Service hasn’t been doing enough to collect the taxes owed by hundreds of thousands of people who don’t file their taxes and owe billions of dollars, according to a new report. The report, from the Treasury Inspector General for Tax Administration, estimated that approximately $39 billion of the $441 billion average annual […]
Top 100 Firm PKF O’Connor Davies launched a pilot program Monday allowing eligible staff members to work remotely throughout the rest of 2020 in light of the ongoing COVID-19 pandemic. The voluntary policy will take effect at the firm’s offices as they reopen. The firm currently has 12 offices in five states across the East […]
The Tax Cuts and Jobs Act imposed a 30 percent of adjusted taxable income limit on business interest deductions as part of a package that expanded bonus depreciation. In order to help assist businesses during the coronavirus pandemic, the CARES Act increased the limits on business interest deductions. The IRS in Rev. Proc. 2020-22 has […]
Charles Darwin may not have lived through a pandemic, but he certainly knew a thing or two about adaptation. “It is not the strongest or the most intelligent who will survive,” wrote Darwin, “but those who can best manage change.” In the accounting space, I know of no firm that has done a better job […]
The Bonadio Group, a Top 100 Firm based in Rochester, New York, began returning to its offices this week as the stay-at-home order to combat the spread of the coronavirus was lifted in some parts of the state. However, only employees who are ready and willing to come back started returning on Tuesday, and with […]
EY adds to its global executive team; BKD breaks out big data analytics into a new national practice; and more CPA news.
New online portal tool P3 was launched to help CPA firms and clients navigate and document the Paycheck Protection Program loan process. Founded by Atlanta-based AGL CPA partners Jay Robbins and Bradley Sienkiewicz, P3 is a centralized location for CPA firm clients to upload supporting documentation for PPP loan forgiveness and view the percentage of […]
On May 26, 2020, thought leaders Gary Boomer, Allan Koltin and Gary Shamis shared their insights on the new challenges facing accounting firms and their leaders, and the steps they should be taking to survive the pandemic and thrive in its aftermath. Watch their conversation above, and then join us for a four-part live series […]
Peter Menzies got two coronavirus relief loans last month: one for a bookstore and the other for a restaurant. Now he’s returning the latter, the biggest by far at $125,000. It’s not that he doesn’t need federal aid for his Reading Room restaurant in the hamlet of Katonah, New York, about 40 miles north of […]
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